In 2022, we advised several investment funds in connection with the French government’s takeover of EDF, France’s main energy provider, and their contestation of the offer price of twelve euros, which many investors decried.

We have highlighted in the press and to the public authorities the numerous governance issues posed by the operation, the inconsistencies in the independent expert’s report and the State’s and EDF’s lack of transparency.

French law offers minority shareholders in target companies a limited guarantee of protection of their interests, particularly in view of the weak guarantees of independence of the independent experts and the limited control exercised by the AMF over the operation. We have highlighted several substantial legal problems involved in the operation, and underlined the need for changes in the practices of initiators of takeover bids and their control.